Japanese police arrest executive of $15B crypto scam network Prince Group

Tokyo police have arrested Hu Xiaowei, a senior executive of the Cambodia-based fraud network Prince Group, Asahi Shimbun reported. The arrest was made on charges of false residency registration. Prince Group is accused of a $15 billion scheme involving Bitcoin investments and pig butchering, a type of romance investment scam. U.S. authorities have previously sanctioned the group and 146 related entities. Japanese authorities are now investigating the circumstances of Hu's fraudulent registration and are expanding their probe into Prince Group's broader activities within Japan.